1. MARYAN STREET (Labour) Link to this
to the Minister of Commerce
What progress has been made recently to advance the single economic market agenda between New Zealand and Australia?
Hon LIANNE DALZIEL (Minister of Commerce) Link to this
Yesterday I signed the agreement between New Zealand and Australia on the mutual recognition of securities offerings, and I also signed an updated memorandum of understanding on the coordination of business law. Both of those represent major advancements in the single economic market agenda.
Hon LIANNE DALZIEL Link to this
That will allow an issuer offering securities to extend an offer that is being made in one country to investors in the other country, using the same offer documents and offer structure. That will remove unnecessary regulatory barriers to trans-Tasman securities offerings. It will promote investment between New Zealand and Australia, enhance competition in capital markets, reduce costs to business, and increase choice for investors. That is a win-win-win-win.
John KeyTo the Minister—what encouraged him to abandon his crazy policy of wanting to tax Australia on foreign-held shares, and to adopt National’s policy—
Madam SPEAKER
Hon Trevor Mallard Link to this
I raise a point of order, Madam Speaker. Actually, we were going to point out the gender of the Minister, in case that member had not noticed that the Minister of Commerce is a woman. I know that it is pretty hard for members opposite to accept that people in important roles can be women, but that member should recognise it just by looking across the House.
Gerry BrownleeI raise a point of order, Madam Speaker. I think the more interesting issue here is that the other day when the Prime Minister was on her feet, you asked the Leader of the Opposition to remove himself from the House for inappropriately making a comment. But we have just heard Mr Burton, Ms Dalziel, and Mr Mallard all speaking out loud, with a considerable amount of noise—so much so that the “shadow” Leader of the House and Deputy Prime Minister had to turn round and wave his arm at them in order to contain them. And that was all done while John Key was asking a question. I suggest that for consistency a similar action needs to be taken.
No. I thank the member for that. I heard the noise when the point of order was being called for and taken, so I think at this stage that everyone is on his or her final warning—and I mean that. But that is when I heard noise being made. My concern with the question was that I was not sure whether it was within the portfolio responsibility. But I think we should allow Mr Key to complete his question, without interruption please.
Is the reason the Government has decided to abandon its crazy policy of trying to tax New Zealanders on their investments offshore in Australia, that the Minister has much more sense in those matters than the Minister of Finance, who is clearly so “out to lunch” that he thought it was a great idea to tax the millions of dollars’ worth of investments that New Zealanders have in Australia?
Hon Trevor Mallard Link to this
I raise a point of order, Madam Speaker. I invite you to rule that question out, for its use of ironic expressions.
Yes, there were two ironic expressions. I would ask members to observe that in future, and I ask the Minister now to respond to the question.
Hon LIANNE DALZIEL Link to this
I do not accept the assumption in the question, and the member should put his question down to the relevant Minister who has portfolio responsibilities.
What has been agreed to as part of the ongoing work programme for implementing the Memorandum of Understanding on Coordination of Business Law?
Hon LIANNE DALZIEL Link to this
Several areas of work have been agreed to—for example, the cross-recognition of companies between Australia and New Zealand, cross-border insolvency, and information sharing. Another area identified for further work is the adoption of a mechanism that would allow for the disqualification of persons from managing corporations in one jurisdiction to apply in the other jurisdiction. I am sure all parties would welcome further advancements in those areas.